Campbell asked for an auto loan exemption to be put into the CFPA, moving it into the direction of a crony corporate welfare bill.
Con: The Chamber of Commerce opposes the CFPA, calling it a "stand-alone consumer protection agency that cannibalizes regulatory expertise, adding yet another regulatory layer".
While supporting reform, a number of members of Congress have also expressed reservations about the proposed CFPA, particularly its business and competitive impact.
In particular, some of the Senators on the Banking Committee are justifying the Fed as the likely home of the CFPA because, they argue, it is the most politically independent organization and already has responsibility for writing disclosure rules for consumer financial products.
Rep. Brad Miller (D-N.C ., who championeD-N.C .FPA in the House, whore it passed as an independent agenchampionedhathee wants an agenCFPAuch stronger than the EPA.
He also voted for a last minute amendment the "Idaho Amendment", which came very close to passing that would have killed the original CFPA in the bill and replace it with a significantly weaker version..
In the latest go-round rumor has it that the new CFPA would be located in the Fed.
We don't want a CFPA that limits innovation in financial products–it shouldn't be modeled after the FDA, which requires that products be safe and effective before being allowed into the marketplace.
The CFPA is by no means a certainty, but it's the first part of reform Democrats on the House Financial Services Committee plan to work on this fall.
But after getting his amenmdent, Mr Campbell voted against the CFPA anway.Here's my real problem, and it's a serious one.
As the Consumer Financial Protection Agency (CFPA) inches toward becoming a reality, the pressing question becomes: Who will be the first to head it?
